Value Fund



Seeks capital appreciation and, secondarily, current income.


Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations.

The Management Team

The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 35 years of experience.


LOW - - - • - - - HIGH

In general, greater returns are associated with greater risks.

Fund Statistics

Inception Date 03/03/97
Ticker Symbol CFVLX
Cusip 200626828
Minimum Initial Investment $1,000


The Russell 1000 Value Index was able to post a small positive return in the first quarter after the banking crisis in mid- March. In a little over a week, the second and third largest bank failures occurred in U.S history. Financials, the index’s largest sector by weight, would post the second worst performance for the quarter, dragging down the index return. March’s conversations primarily revolved around the financial sector and its liquidity situation with recent bank failures. It is possible that this bank stress and resulting tightening of credit availability may become a tailwind to the Fed’s efforts to slow the economy. Investors are still very reactive to updated Federal Reserve commentary, job reports, and inflation prints, trying to determine the path of the economy for the rest of the year. The Commerce Value Fund’s return of -2.43% underperformed the Russell 1000 Value Index return of 1.01%.

Stock selection detracted from the Fund’s performance. The Fund’s strongest stocks were CME Group Inc. Class A (2.50%) and Interpublic Group of Companies, Inc. (2.02%), returning 14.60% and 12.77%, respectively. The Fund’s top detractors were CVS Health Corporation (1.86%), Pfizer Inc. (3.34%), and MetLife, Inc. (2.41%), which returned -19.71%, -19.64%, and -19.37% respectively.

The Fund’s sector allocations also detracted from performance for the quarter. The Fund’s 1.84% overweight in the Consumer Discretionary sector, which returned 5.27%, added to performance as it was a stronger sector. The Index had a 5.91% weight in the Consumer Discretionary sector. However, the Fund’s 1.85% underweight position in the Communication Services sector hurt performance as it was a best performing sector, gaining 19.86% for the quarter. The Index had a 8.06% weight in the Communication Services sector. Additionally, the Fund’s 1.56% underweight in Information Technology sector, which returned 16.47%, negatively impacted performance. The Index had a 7.35% weight in the Information Technology sector.

Total Fund Assets as of 3/31/2023 $284,086,533
Net Asset Value1 $31.25
Asset Allocation  
Equities 99.8%
Cash 0.2%
Weighted Average Market Capitalization 136.02 Billion


Top Ten Equity Holdings2 as of 3/31/2023

Chevron Corporation
Johnson and Johnson 3.4%
Pfizer Inc
Duke Energy Corporation
J P Morgan Chase & Company
Merck & Company Inc 2.9%
iShares Russell 1000 Value ETF
CME Group Inc 2.5%
American Electric Power Co Inc 2.5%
Amgen Inc

1. The Net Asset Value represents the assets of the fund (ex dividend) by the total number of shares.
2. The composition of the portfolio is subject to change in the future.
3. The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any fees or expenses.

Portfolio Holdings

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

Commerce Value Holdings

February 2023*
March 2023*
April 2023*

A prospectus for the Commerce Funds containing more complete information may be obtained by calling 1-800-995-6365 or by downloading it from this website. Please consider a Fund's objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

The mutual funds referred to in this Web site are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectus contains more complete information about the funds, including charges and expenses, and should be read carefully before investing.

The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.